Corporate responsibility in (re)insurance business

Transcrição

Corporate responsibility
in ((re)insurance
business
)
April 2014
Astrid Zwick,
Zwick Head of Corporate Responsibility
Corporate responsibility in (re)insurance business, April 2014
1
Corporate responsibility at Munich Re – Overview
Munich Re’s international cooperation –
A strong commitment towards corporate responsibility
Examples
UNEP FI
Munich Re has signed the climate declaration of the UNEP FI and is active member of
the UNEP FI Climate Change Working Group.
since 1999
Principles for Responsible Investment (PRI)
Munich Re has actively developed and signed the UN Principles for Responsible
Investment (PRI) as first German company in April 2006.
since 2006
UN Global Compact
since 2007
Munich Re is member of the UN Global Compact since August 2007. The ten
principles of Global Compact are a guidance for action in our business and set the
basis for our Corporate Responsibility activities.
Principles for Sustainable Insurance (PSI)
since 2012
Involvement since 2007, first holding the chair in the UNEP FI – PSI Team, now active
as member of the PSI Board, as well as founding signatory since June 2012.
Aim: to anchor ESG criteria into core business along the value chain.
2
The core principles of Munich Re include our responsible
approach and are detailed in our CR Strategy
Corporate responsibility (CR)
Core principles and goals
Core principles
CR is an integral part of our corporate strategy and relevant for all
business areas and operations:
 We actively incorporate ecological, social and ethical aspects in our
insurance business and asset management.
Core
principles
 We pursue active environmental management at our locations and aim to
achieve climate neutrality.
 Munich Re fulfils its responsibility as a member of society (corporate
citizen) through involvement in issues closely related to its core business
and, at its locations, in social and cultural areas.
Goals
Action fields
Goals
We contribute to ...
… an increase in reputation and attractiveness for all stakeholders;
… potential early identification of business risks and opportunities;
… educated decisions on global risks and problems;
… a strengthening of Munich Re’s share price.
Overall KPI:
Inclusion in major sustainability indices and scoring among the top 50%
Controlling
3
Five action fields in one Group-wide CR programme
Enabling
Framework
1
3
2
3
5
4
Corporate
Responsibility in
B i
Business
Environmental
Management
S t
System
Corporate
Citizenship
Reporting &
Communication
 Corporate
responsibility
strategy
 Integration of
corporate
responsibility
issues into (re)
insurance
business (PSI2)
 Global CO2
neutrality
 Donations
 Annual update
of corporate
responsibility
portal
 Compliance
p
to
UN Global
Compact1
2
Core activities
Strategy &
Governance
 Corporate
responsibility
governance
1
Enabling
Framework
 Integration of
corporate
t
responsibility
issues into
asset
management
g
3
(PRI )
 Corporate
Volunteering
 Global
Environmental
 Foundations
Management
 Impact
System policy
Assessment
and management
UNGC = United Nations Global Compact (adopted by Munich Re in 2007).
PSI = UN Principles for Sustainable Insurance (signed by Munich Re in 2012).
PRI = UN Principles for Responsible Investment (signed by Munich Re in 2006).
 Global
corporate
responsibility
reporting
 Position in
major SRI
ratings
4
The Corporate Responsibility department is a central
function at Munich Re
Structure
CEO
Group Communications
Corporate Strategy
Group Audit
Economic Research
Group Development
Corporate
Responsibility
Group HR
Group Compliance
Corporate Office
"Guideline competency"
Business units implement strategy at local level with CR departments/coordinators,
environmental managers, etc.
CR is a central function located in
Group Development which directly
reports to the CEO
CR triggers,
triggers monitors,
monitors controls,
controls enables and
manages Group-wide CR-related tasks
New Group Corporate Responsibility Committee (GCRC) as panel to monitor
CR strategy and as Group Task Force for sensitive business issues
5
Sustainable development as special focal point in the
variable remuneration based on multi-year performance
Structure of the remuneration system for the Board of Management
70
%
Multi year
Multi-year
performance
70 Variable
remuneration
30 Annual
performance
Basic remuneration
30 (plus remuneration in
kind / fringe benefits)
Basic and
variable
remuneration
thereof
Source: Annual Report 2013, pages 46 ff.
6
Corporate responsibility goals are part of the threeyear performance of all Board Members
Three-years CR objectives of Board Members
Group environmental management
objectives 2012–2014
Group Corporate Responsibility in business
objectives 2012–2014
 Standards to purchase Group-wide CO2
certificates
 Inclusion in major SRI ratings
 CO2 emission
i i reduction
d ti off 10 % per
employee by 2015
 Environmental management system covering
at least 75% of all employees by 2014
 Development and implementation of
i t
integration
ti off ESG1 aspects
t in
i core b
business
i
 Fulfillment of the CR commitments
(UN Global Compact, PRI, PSI)
The objectives are broken down into:
Munich Re business fields and central divisions
1
ESG = Environmental social and governance.
7
Corporate responsibility in business
Principles for Sustainable Insurance (PSI) – A voluntary
and aspirational global framework for the insurance industry
Principles for Sustainable Insurance
1. Embed ESG in decision-making along the
value chain
Principle 4
2.
Workk together
business
2 W
t
th with
ith clients
li t and
db
i
partners to raise awareness, reduce risk and
develop solutions
R
Reporting
i
Principle 3
Society
3 Engage with governments
3.
governments, regulators and
other key stakeholders
4. Demonstrate accountability and transparency
Principle 2
Insurance industry value chain
Principle 1
Business principles, strategies and operations
ti
8
Growth in PSI membership
(June 2012 to March 2014)
Gross premiums written
Gross premiums written
About USD 500 billion or
10% of 2011 world
premium volume
About USD 660 billion or
15% of 2012 world
premium volume
Total assets
under management
Total assets
under management
About USD 5 trillion
About USD 8 trillion
Jun-12
Mar-14
68
42
34
27
26
7
PSI signatory companies
PSI supporting institutions
PSI membership (signatories +
supporters)
9
PSI membership by country of domicile
PSI signatory company
PSI supporting institution
10
PSI signatory companies
(country of domicile)
Signatories after PSI
launch in June 2012
Founding signatories
1.
2.
3.
4.
5.
6.
7.
8.
Achmea (Netherlands)
AEGON (Netherlands)
Aviva (United Kingdom)
AXA (France)
Bradesco Seguros (Brazil)
Delta Lloyd (Netherlands)
ING (Netherlands)
Insurance Australia Group
((Australia))
9. Interamerican Hellenic
Insurance Group (Greece)
10. Itau Seguros (Brazil)
11. La Banque Postale (France)
12. MAPFRE (Spain)
13. Mitsui Sumitomo Insurance
(Japan)
14. Mongeral AEGON (Brazil)
15. Munich Re (Germany)
16. RSA Insurance Group
(United Kingdom)
Status: March 2014
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
Sanlam (South Africa)
Santam (South Africa)
SCOR (France)
Sompo Japan Insurance
((Japan)
p )
Sovereign (New Zealand)
Storebrand (Norway)
SulAmerica (Brazil)
Swiss Re ((Switzerland))
The Co-operators Group
(Canada)
Tokio Marine & Nichido Fire
Insurance (Japan)
Zwitserleven (Netherlands)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Allianz (Germany)
AmGeneral Insurance
(Malaysia)
ASR Nederland (NL)
Atlanticlux ((Luxembourg)
g)
Banco Santander (Spain)
Continental Re (Nigeria)
Custodian & Allied (Nigeria)
g
FATUM Schadeverzekering
(Suriname)
Grupo Segurador Banco do
Brasil e MAPFRE (Brazil)
HSBC Insurance (UK)
Peak Re (China)
Porto Seguro (Brazil)
Seguradora Lider (Brazil)
TAL (Australia)
Terra Brasis Resseguros
(Brazil)
11
PSI supporting institutions
(country of domicile)
Founding supporters
1.
2.
3.
4.
Brazilian Insurance Confederation (CNseg) (Brazil)
Insurance Association of the Caribbean (Barbados)
Insurance Council of Australia (Australia)
Insurance Council of New Zealand (New Zealand)
5.
6.
7.
International Cooperative & Mutual Insurance
Federation (United Kingdom)
International Insurance Society (United States)
South African Insurance Association (South Africa)
Supporters after the PSI launch in June 2012
1. Association of Insurers & Reinsurers of Developing
Countries (Philippines)
2. Cadre d’Actions et de Recherche pour la
Démocratisation de l’Assurance ((Association
CAREDAS) (Senegal)
3. Ceres (United States)
4. Dutch Association of Insurers (Netherlands)
5. Environment & Security Initiative (Switzerland)
6. Finance Norway (Norway)
7. Financial Services Council of New Zealand (NZ)
8. Global Organizational Learning & Development
Network for Sustainability (Belgium)
9. Insurance Commission of the Philippines
(Philippines)
10. Insurance Institute for Asia & the Pacific
(Philippines)
Status: March 2014
11. Insurance Institute of India (India)
12. Interamerican Federation of Insurance
Companies (FIDES) (Peru)
p
((United States))
13. International Finance Corporation
14. Italian Banking, Insurance & Finance Federation
(FEBAF) (Italy)
15. Mexican Association of Insurance Institutions
(Mexico)
16. National Committee on International Cooperation
& Sustainable Development (NCDO)
(Netherlands)
17. Philippine Insurers & Reinsurers Association
(Philippines)
18 Philippine Life Insurance Association (Philippines)
18.
19. University of Cape Town, Centre of Criminology
(South Africa)
12
The PSI strategy for 2014-16
Moving from aspiration to transformation
Vision
Goal 3:
PSI operations
(governance)
Sub-goals 1
Sub-goals 2
Sub-goals 3
 Promote
o ote tthe
e PSI
S Initiative
t at e
and engage stakeholders
 Develop and implement
projects and activities that
focus on understanding
and managing ESG risks
U
Understand
de sta d a
and
d de
develop
e op
solutions to address
members’ pain points
 Member exchange
programme
 Cost-efficient delivery
 Measure
easu e a
and
d report
epo t o
on
the impact of the PSI
Initiative on advancing
ESG issues and the value
created for members
 Embed a learning culture
to foster continuous
improvement
Projects and activities
Annual PSI member exchange
g p
programme
g
Measuring the performance of the PSI Initiative
PSI me
embership grrowth
Goal 2:
Implementation
support (internal)
PSI annua
al report on p
progress
Review of
macro trends
Annual PSI
membership
survey
Annual PSI
stakeholder
survey
Goal 1:
Collaborative action
(external)
PSI annual public disclosure off implementa
ation
Purpose
13
Timeline of projects and activities (2014–16)
2013
Agree
g
on p
projects
j
for
the PSI Initiative as
a whole
2014
2015
2016
Global resilience p
project
j
((end date TBC))
Develop insurance industry ESG footprint baseline
(end date TBC)
Agree on projects for
individuals PSI members to
t k up att th
take
their
i discretion
di
ti
Explore other
projects – to be
discussed
Existing PSI projects, awareness-raising events and engagements with the global insurance industry, government,
regulators, UN agencies, NGOs and other stakeholders
Develop member
exchange programme
Pilot exchange
programme
Roll out annual exchange programme
Annual governance
activity
Membership
disclosure
Member and
stakeholder surveys
Membership
disclosure
Member and
stakeholder surveys
Membership
disclosure
Member and
stakeholder surveys
PSI annual report
PSI annual report
PSI annual report
14
Corporate responsibility at Munich Re – Corporate responsibility in business
Strategy corporate responsibility in business
Corporate Responsibility in Business is mainly anchored in Principle
V. Responsible approach
Our responsible approach creates sustainable value – for our
clients, staff, shareholders and society
Core
Principles
Simultaneously it contributes to the Principles
I. Core business (e.g. excellence risk management) and
II. Cooperation with clients and sales
Group level
Objectives
Focus Areas
Entity
level
Initiatives > Outcome
Environmental, social and governance (ESG) aspects are anchored in
the core business (along the value chain) based on the PSI1 and the
PRI2. By this, the risk management is expanded by a further
dimension.
All employees are knowledgeable and apply ESG integration. ESG
aspects are part of our dialogue with the customer and further
stakeholders.
 Sensitive Issues: Identification, prioritisation and handling
 ESG aspects: Research/development of methods/products/services
 Reputational Risk: Contribution to RepRisk Management
 Dialogue: Exchange with customers and ESG consultancy
 Sensitisation: Raising staff awareness
Each business field is responsible to develop and implement
specific initiatives and to guarantee outcomes.
KPIs/Reporting
1
2
PSI = UN Principles for Sustainable Insurance (signed by Munich Re in 2012)
PRI = UN Principles for Responsible Investment (signed by Munich Re in 2006)
PSI and PRI Reporting (contribution by all business fields)
15
Corporate responsibility in business @ Munich Re
Framework to integrate ESG aspects
Corporate responsibility governance
ESG – Sensitive business issues
Initiatives across business fields and investments
Reinsurance
Munich Health
ERGO
MEAG
Focus on underwriting
process and guidelines,
client engagement
Focus on primary
insurance units and
exchange of best
practices
Focus on sustainable
products, sales and
underwriting process
process,
compliance
Adherence to PRI
(sustainability quota and
new reporting format)
Sensitisation
PSI reporting
PRI reporting
16
Definition of environmental, social and governance
(ESG) aspects at Munich Re
Environment
Social
Governance
 Pollution
 Natural resources and
biodiversity
 Political context and public
awareness
 Labour and working
conditions
 Health, safety and security for
the community
 Displacement of people
 Cultural heritage
 Responsible and correct
planning and evaluation
 Compliance
 Consultation and
transparency
17
Reputational risk committee’s for escalation of
controversial single underwriting cases
Reputational risk committee (RRC)
Mission
Working mode
 Consultation of business segments
 Reporting of critical issues prior to closing of a
deal
 Analysis and assessment of individual cases
giving
g clear
 RRC responds within 48 hours, g
guidance
 Escalation to Board of Management by RRC
coordinator in case of non-compliance
Examples of requests
 Investment / Insurance of specific entities / Groups
 (Re)Insurance of potentially polluting projects
 (Re)Insurance of projects in specific countries
 Insurance of clinical trial participants
 Critical products
Reputational risks are monitored and steered within RRCs
Corporate responsibility in (re)insurance business, 15 April 2014
18
Corporate responsibility in business at Munich Re
selected solutions to societal challenges … some examples
Products and services according to business field specialty
REINSURANCE
MUNICH HEALTH
ERGO
Climate change
 Nathan Risk Suite
 Agro Systems
 New coverage concepts in
the area of renewable energy
Public-private partnership
 Weather-index-based
insurance
Desert power
 CO2-free power generation in
North Africa
Access to insurance
 Managed care & prevention
 Pilot product example: specific
solutions for special groups
such as Down (DKV Integral
Sin Barreras)
Life insurance
 Unit-linked life insurance with
investment in SRI products
Motor insurance
 10% premium rebate for
environmentally friendly cars
Microinsurance
 Range of insurance products (e.g.
property, personal accident, crop)
 Mobile-phone-based insurance
solutions
Inclusive business model
 Fundación Integralia
MEAG
 Sustainability anchored in General Investment Guidelines
 Investment in renewables and infrastructure
 Provision of sustainability
y funds for third p
parties
 ESG country rating
19
Corporate responsibility at Munich Re – Environmental management
Group policy specifies the Munich Re corporate
responsibility core principles – for environmental protection
Avoiding and reducing emissions
We consistently
y avoid and reduce emissions wherever possible
p
(from business travel, energy, water, paper and waste). We
establish the highest technical standards wherever economically
reasonable. We consider environmental principles while choosing
materials, suppliers and service providers.
Raising staff awareness
We consistently heighten environmental awareness and
responsibility of all staff members and motivate them to actively
protect the environment
Improving performance
We monitor and develop our environmental measures with the aim
of continuously improving the environmental performance of our
business operations
Communication with stakeholders
We communicate openly and inform our stakeholders
about our environmental activities and environmental performance
on a regular
l b
basis.
i W
We raise
i awareness and
d share
h
iinformation
f
ti
on environmental issues where appropriate. Thus we promote
a culture of environmental protection.
According to ISO 14001.
Core
principles
Group
level
Group-wide
environmental
policy
Detailed
D
t il d
policies as applicable
Entity
level
Each entity is obliged to implement
the Group-wide policy in line
with its own situation and conditions
Group-wide monitoring
and controlling
20
Corporate responsibility at Munich Re – Environmental management
Climate neutrality based on environmental
management and CO2 emission reductions
Our steps to climate neutrality
Group environmental
management with 30%
of sites certified and
approx. 80% staff
covered
Energy efficiency in
buildings and IT:
e g MRAmerica,
e.g.
MRAmerica
MEAG, MRM
100% energy from
renewables:
e g Munich and
e.g.
Milan
CO2 neutralization:
purchasing CO2
certificates
Achieving climate neutrality

Munich Re (Munich): climate neutral since 2009

M i hR
Munich
Re (R
(Reinsurance
i
G
Group):
) climate
li t neutral
t l since
i
2012

Munich Re (Group): 10% CO2 reduction and climate neutral by 2015
21
Corporate responsibility at Munich Re – Corporate citizenship
Munich Re makes a visible and measurable
contribution to society
Munich Re's new mission statement: "Munich Re sees its
responsibility as a member of society (Corporate Citizen) in
issues closely related to its core business and
and, at its locations
locations,
in the areas of culture and social affairs."
 Munich Re supports projects whose long-term and sustainable
aim is to resolve concrete challenges faced by society.
CC mission
& guidelines
Promotional criteria &
areas of focus
Instruments
Donations,, CC sponsoring,
p
g, CC memberships,
p ,
foundations, corporate volunteering, privatepublic partnerships
 In selecting issues, Munich Re considers business-relevant
issues (link to core business) and corporate locations and
concentrates on only a few, relevant areas of promotional focus.
 Munich Re strives for partner-like co-operations with charitable
institutions.
 M
Munich
i h Re
R iis iincreasing
i itits supportt ffor llarge-scale
l projects
j t which
hi h
show a measurable effect in meeting societal challenges and
which are regularly evaluated with regard to their effectiveness.
 Munich Re is interested in involving its own staff members in
Corporate Volunteering measures relating to charitable projects.
Monitoring (KPIs)
DJSI rating, measurability, for example according to the
London Benchmark Group
22
Corporate Citizenship concept of Munich Re:
Responsibility for the community
Focus: natural catastrophes, science and education, environment, demographic change, health, cultural and
social community projects
 A new concept designed to link our
commitment more closely to the
challenges
h ll
ffacing
i society
i
 Project-based approach supported by
the work of our three corporate
f
foundations
d ti
23
Overview of Corporate Citizenship (CC) expenses 2012
Munich Re (Group) CC-Spending in 2012: approx. €5,000,000
Science/Education
Social
Health
Culture & Arts
Society & Demographic Change
Environment
Natural Catastrophes
Not Classified
(35%)
(24%)
(20%)
(7%)
(3%)
(1%)
(9%)
(1%)
Additional spendings for:
Donation in kind
Political donations
Corporate Vounteering hours
Project examples:
Disaster prevention – Landslide mitigation in Aizawl,
India
 Partnership with GeoHazards International (2012)
 Two-year disaster prevention project in northern
India
Fresh water accessibility – Water Benefit Certificates
 Private -public partnership (PPP) founded in 2011 to develop an
innovative financing mechanism to create Water Benefit Standard
 Aim: To create sustainable water management in regions with
great water shortages
24

Corporate responsibility in (re)insurance business

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